Disclaimer: This post is for informational purposes only and does not constitute legal advice. Laws vary by state, and individual circumstances are an important consideration. You should consult a qualified attorney in your jurisdiction.
As the back-to-school season approaches, many parents are focused on supply lists, bus schedules, and first-day photos. But one of the most important preparations is often overlooked: creating or updating your estate plan.
Whether your children are starting kindergarten or heading off to college, having a legally sound estate plan in place provides peace of mind and protection for your family in the event of the unexpected.
1. Who Will Take Care of Your Children if You Can’t?
At the heart of any estate plan for parents is the designation of a guardian. If something were to happen to both parents, the court will appoint a guardian — and without written instructions, that decision might not align with your wishes.
By naming a guardian in your will, you retain control over who will raise your children and how they’ll be cared for.
2. Managing Finances for Minors
Minor children cannot directly inherit property. Without proper planning, any assets left to a child may be managed by a court-appointed custodian until they reach the age of majority — often 18 — at which point they may receive the entire sum outright.
A better approach? Establishing a trust.
- You can name a trustee to manage assets for your children
- Set conditions on when and how funds are distributed
- Avoid probate and maintain privacy
3. Healthcare and Emergency Decisions
What if you’re temporarily incapacitated due to illness or injury? Legal tools like a healthcare directive or durable power of attorney ensure that your wishes are followed and that someone you trust can step in to make decisions.
This is particularly important for single parents or in blended families, where custody and authority questions can become complicated.
4. College-Aged Children Need Documents Too
Once your child turns 18, you no longer have automatic access to their medical or financial information. It may be wise to help them complete a basic set of legal documents, such as:
- HIPAA authorization
- Healthcare proxy
- Durable power of attorney
These forms allow you to assist your adult child in case of an emergency, whether they’re living at home or away at school.
5. Life Changes = Plan Updates
If you already have an estate plan, the back-to-school season is a great annual reminder to review and update it. Have you:
- Moved to a new state?
- Had another child?
- Changed your marital status?
- Switched financial institutions or insurance policies?
Keeping your plan current ensures that your documents match your intentions.
Final Thoughts
Estate planning may not be on your back-to-school checklist, but it’s one of the most loving and responsible things you can do for your family. It’s about more than just money — it’s about making your wishes known, protecting your children, and giving your loved ones clarity during difficult times.
As always, laws vary by jurisdiction. For guidance tailored to your family’s needs, consult a licensed attorney in your state.